- The court ordered the SEC to provide relevant Hinman records.
- Christy Romero insists that the CFTC still considers Ethereum to be a commodity.
Even with the switch to proof-of-stake (PoS), Ethereum is still seen as a commodity, according to CFTC Commissioner Christy Romero. On Wednesday, Rostin Behnam, chairman of the Commodity Futures Trading Commission, told reporters that the CFTC has asked the U.S. Congress for monetary jurisdiction over Bitcoin and Ethereum.
The Chamber of Digital Commerce’s founder, Perianne Boring, recently posed the question to CFTC Commissioner Christy Romero as to whether or not the Merge’s switch to proof-of-stake for Ethereum had any regulatory ramifications. Despite the proof-of-stake (PoS) switch, Christy Romero insists that the CFTC still considers Ethereum to be a commodity.
Christy stated:
“When we look at Ethereum and all these other products, we are looking to see what is a commodity. The CFTC has long taken the position that Ethereum is a commodity. The definition of commodity is very, very broad. I continue to take the position that Ethereum is a commodity, even with a proof-of-stake.”
Ripple Has an Upper Hand
On Wednesday, CFTC Chair Rostin Behnam told reporters that the agency has been requesting permission from the U.S. Congress to monitor such markets. In order for the CFTC to treat Bitcoin, Ethereum, and other cryptocurrencies like commodities and regulate them accordingly.
Behnam argues that the choice should be made by law since digital currencies constitute a new asset class. The CFTC and the SEC are negotiating a middle ground in an effort to bring about market stability and safeguard individual investors.
Ripple currently has the upper hand in their litigation against the SEC while the SEC and CFTC determine whether Ethereum and other digital currencies are securities or commodities. The court ordered the SEC to provide relevant Hinman records, and Judge Analisa Torres oversaw the process.
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